Device for indicating market quotations



..Jai,.e,1931. E FURRER 1,788,100

DEVICE FOR INDICATING MARKET QUOTATIONS 7 Fi ledOotQ 20, 1924 sSheets-Sheet 1 IN VEN TOR E G/Z/r/zr BY F60;

A TTORNE YS Jan. 6, 1931. E. c; FURRER I 1,788,100

DEVICE FOR INDICATING MARKET QUOTATIONS Filed Oct. 20, 1924 5Sheets-Sheet 2 P7??? 5 E afar/$ V BY Y5.

' ATTORNEYS .Jan. 6, 1931, E. c. FURRER 1,788,100

DEVICE FOR INDICATING MARKET QUOTATIONS Filed oat. 20, 1924 3Sheets-Sheet .5 i

5 o|07 LLS. 5.

50th PraO HmN.

00000 INVENTOR 00000 2 "5 E. C. Fur/er 00000 00000 I 00000 00000 BY00000 00000 0000 00000 00 0:? 0610 ATTORNEYS- Patented Jan. 6, .1931

UNITED? STATES.

I lasaloc PATENT. OFFICE DEVICE FOR INDICATING MARKET QUOTATIONSApplication filed October 20, 1924. Serial No.'744,793.

My invention relates to improvements in devices for indicating marketquotations, and 1t consists in the combinations, constructions, andarrangements herein described and claimed.

An object ofv my invention is to provide a devlce oft-he type describedin which a moving tape is employed which is caused to move across astationary display board, and'upon which stock quotations, and notationspertaming to stocks are imprinted as the tape moves upon the face of theboard.

A further object of my invention is to provide a device of the typedescribed by means of which the broker nd his clientele may ob- .serveat a glance the relative fluctuations in stock values of anypredetermined denomina t1on or specie without the necessity of handhngarelatively long tape, bearing miscellaneous notations of various stocksside by side, and which easily becomes entangled so as to make itdifficult for the observer to quickly ascertain the condition of. themarket 2 as to some particular stock.

vide a device of the type described which does away with the necessityof a blackboard and employment of men or boys to make notations thereon;With my improved device for indieating market quotations, all persons inthe room inwhich the device is installed may observe thenotations'thereon just as quickly as communicated from the transmittingstation at one time.o 2 5 A further objecto'f my invention is to providea device of the type described in which particularly novel means isemployed for imprinting the notations on the tape and for moving thetape as the printing is. accomlo plished. .A further object of myinventionis to provide a device of the type described that isextremelysimple to operate and which does not necessitate the employmentofa skilled operator.

A further object of my invention is to provide a device of the typedescribed that is compact in form and which is thoroughly practical forthe purpose intended. Other objects and advantageswill appear A furtherobject of my invention is to pro 'transmittmg apparatus having twodlstinct in the following specification, and the novel features of theinvention will beparticularly pointed out in the appended claims.

My invention isv illustrated in the accompanying drawings forming partof this application, in which Figure 1 is a diagrammatic view showingthe electrical cireuits employedin the trans- V mitting mechanism, andin diagrammatic form the essential elements of the transmittingapparatus,

Figure 2 is a diagrammatic view showing I a portion of the electricalcircuit for operating the. receiving mechanism with the essentialinstruments of the receiving mechanism shown diagrammatically, V

Figure 3 is a diagrammatic view showing the electrical connections of aportion of the receiving mechanism associated with the moving tapes, andessential instruments of the mechanism shown diagrammatically,

Figure4 is a front elevation of a stationary display board with'themoving tapes in position,

5-5 of Figure 4, l Figure 6 is a top plan view. ofa portion of. the tapeactuating mechanism with a partof the type chain in section, Figure 7 isa view along the line 7 7 of Figure 6, illustrating the type of chain,and Figure 8 shows a portion of a selector key board. In \carr ing outmy invention I em loy acircuits' which shall refer to from time to timeas they selector circuit and the type cir cuit. The'mechanism in theelectricalconnections employed in the transmitting apparatus is fullydisclosed in Figure 1 and for the purposeofclearness and brevity indescription, only the essential mechanical elements are shown.

The transmittin 1 station is located referably ina central o co, as nearthe stoc mar- 95 interest to the broker, actuate a keyboard, :15;

Figure 5 is a sectional view along the line;

to r

, lines connected with suitable receiving mech- 'tations', and the li e,upon the tape.

anism for the purpose of actuating a moving tape in each of the severalreceiving stations, and for operating simultaneously printing mechanismfor im rinting the message, quo- There are two main wires 1 and 2,extending from 1 1e central or transmitting station. The

Mini conductor employed is the earth itself, or ,ground connection. Thisground connection is indicated at E1 in the drawing. The receivinginstrument (see Figure 2) is controlled through the selector circuit 1and the type circuit 2. Both circuits carry alternating current with anoccasional longer flow in either direction. 1

The selector circuit rotates the two escapement wheels S and S each ofwhich carries a brush 54 and 55 in contact with a stationary commutator.A longer flow of current unlocks the wheels. When unlocked, each flow ofcurrent in one direction rotates one wheel so its brush moves from onesegment to the next of its stationary commutator; each flow of currentin the opposite direction rotates the other wheel so its brush movesfrom segment to segment of its stationary commutator.

The polarized magnet P M9 actuating the platen 61 for each stock tape isconnected in a local circuit between a segment of one stationarycommutator and a segment of the other; the brushes are connected toopposite terminals of a battery BT, Thus when the switch W is closed, aprinting platen is going to print upon its tape, and it depends uponwhat two commutator segments are in contact with the brushes, as towhich tape is printed upon. I y

The type circuit, through an escapement wheel S7 and shafts, controlsthe movements of the type chain (see Figures 6, 7, and 2).'

A longer flow of current unlocks the escapement wheel. Alternatingcurrent allows the type chain to move'step by step until the desiredcharacter is opposite the desired tape.

.Then a longer flow of" current throws the switch W and the character isprinted upon the tape.

The transmitting apparatus is so arranged as to send the required.pulses of currentover the two main circuits. From generators D and 1),,(see Figure 1), current is sent alternately in opposite directions,through the revolving commutator A, over th'e'main selector circuit. Thecommutator may be locked against rotation to allow a longer flow ofcurrent. When the desired number of pulses of current has, been sentfromeither generator, a switch is automatically opened to prevent furtherflow of current from this generator.

' for the first wheel.

and D through A over the type circuit.

Polarized magnet PM; can stop A through escapement wheel S to allow alonger flow of current. A revolves until brush 9 on the left brush wheelF comes into contact with the segment of the stationary commutator Fwhich is connected with a depressed type key TK. Then A is stopped, andthe character represented by the TK key is printed upon the taperepresented by, say, the key SK. If itis desired to print this samecharacter upon the next lower tape, then A and the type chain would haveto revolve one more notch. This aditiona-l rotation is provided for byconnecting the SK. key, representing the next tape in circuit with thesecond brush wheel F, whose brush 9 is one notch behind the brush Thethird tapes SK key would be connected to the third brush wheel to allowfor one additional notch of rotation. In tracing the circuit and therelation of the several elements of the transmitting instruments to oneanother, I shall describe the operation of the mechanism from the firststep in energizing the circuits to the final of the series of impulseswhich completes a cycle in the operation of the transmitting apparatus.Y

The operator first starts the motor M which is preferably an electricmotor deriving current from a source 3. The operation of the motor Mrotates shafts 4 and 5 by means of friction belts 6.

A The shafts 4 and 5 are connected with shafts 4' and 5 respec'tively,through friction clutches Cl and C2 respectively, so that if the shafts4' and 5' are not locked by some extraneous means they will rotate. Theshaft 4' carries a commutator A 1 thereupon. having alternating segmentsinsulated from one another, and each so disposed .as to extend overtwo-thirds of the width of the commutator from alternate sides. Anescapement wheel S1 is also fixed to the shaft 4' so as'to turntherewith. This escapement wheel'S 1 serves to stop or permit rotationof the shaft 4', depending upon the position of its locking means.

The shaft 5 carries a commutator A 2 similar to the commutator A 1thereupon, and an escapement wheel S 2 similar to the escapement wheel S1.

Twenty-six. brush wheels F are carried by the shaft 5'- at the outermostend thereof. Each of the brush wheels F has electrically connectedthereto a brush 9, extending laterally from thewheel and havin theirends in a common plane. The brus wheels F are insulated from one anotherand have contact surfaces on the peripheral edges thereof.

Under normal conditions, upon actuation of the motor M 1 the escapementwheel S 2 will be prevented from rotation, and consequently the shaft bymeans of an elec-- trical lock mechanism generally indicatedat L, whichconsists in a pivotal lever which lines in the path of the laterallyextending lug carried by the wheel S 2.

The next step in the operation is that of closing the single pole doublethrow switch W 1. The closing of the switch W 1 permits current to flowfrom the direct current generators D 1 and D 2, through four circuits asfollows i Circuit No. 1 ground F generator D switch W switch Wcommutator A magnet EM polarized magnet PM magnet EM polarized magnet PMmain line 1- Circuit No. 2 -'ground E .generator D switch W switchW3commutator A magnet EM polarized magnet PM,-

magnet E polarized magnet PM main line 1 r Circuit No. 3g'round Egenerator D switch W -commutator A main line 2.- L Circuit No. 4.groundE -generator D -'-switch Wr-ommutator It should be noted that theelements PM 1 A main line and PM 2 are polarized magnets, and P M 1properly set to conduct currenttherethrough fromv the three conductingwires, two 0 which form a part of each of the circuits. Circuit No. 1carries current from the generator D 1 which flows only when theswitches W -1 and W 2 are closed, and the two brushes forming a part ofthe circuit are on the same segment of the commutator A 1. v v CircuitNo. 2 carries current from the generator. D 2 which flows only when theswitches-W 1 and W 3 are closed, and the two brushes forming a part ofthat circuit are on the same segment of the commutator A 1.

Theswitches W 2 and W 3 are normally closed and are opened bythecactuatio'n of solenoids hereinafter described.

From A 1 to E 1, circuits No. 1 and 2 flow over the same conductor. Thecurrent in circuits No. "1 and 2 flows alternately over this ductor,because the segments of the commutator A 1 alternate. The rate ofrotation of the commutator A 1 and the thickness of its segments isarranged so that only enough current will flow in the circuits to causethe polarized electromagnet PM 1 and PM 2 to pull their pivotallymounted armatures 11 and 12 res ectively toward the core of the magnets.so that current from the generator D2 will cause it to attract itsarmature, and PM 2 is constructed so that current'only from thegenerator D 1 will attract its armature.

A pawl 11' is associated with the armature 11, which serves to rotate anescapement wheel S 3 upon de-energization of the magnet PM 1, i. e.',when the escapement wheel S 3 is not locked by the locking leverarmature L 1. This lever armature normally lies in the path of alaterally extending lug 14 carried by the escapement wheel S 3. When theelectromagnet EM 1 is energized, the arm lever L 1 is drawn upwardlyoutv of the path of the lug 14 and the escapement wheel i's free torotate. S 3 is normally locked in this manner. The armature 12 has apawl 12 carried thereby which is in engagementwith an escapement wheelS4 identical in construction with the escapement wheel S 3 and having alaterally extending lug 15 simis described, PM 1 is constructed" lar tothe 111g 14 of the wheel S- 3. A lever armature L 2 is. normally in thepath of the lug 15 and thus serves tostop rotation of the escapementwheel S 4. When the magnet E M 2 is energized, however, the leverarmature is drawn upwardly and the escapement wheel is free to rotate.The escapement wheel S 4 is normally locked against rotation. Referringnow to Figure 2, I have shown a portion of the receiving instruments inthe electrical circuit employed therein. The receiving instrumentsconsist in an electromagnet E M 3, a lever armature L 3, similar inconstruction and function to the armatures L 1 and L 2, an escapementwheel S- 5, havinga laterally extending lug 20 for engaging with thelever armature L 3 when not actuated by its magnet coil, a polarizedmagnet P M 3, a pivotally mounted armature 21 for the magnet P M 3, anda pawl 21 carried by the armature 21 for actuating the eseapement, wheelS 5.

The receiving instrument further consists in an electromagnet E M 4, alever armature L 4, and a polarized niagnet M 4, an escapement wheel S6, an armature 22 for the magnet P M 4, and a pawl 22', carried by thearmature 22. The escapement wheel S 6 also carries alaterally extendinglug 23 for engaging with the lever 'arm L 4. Thesemembers are eachidentical in construction with that portion of the receiving circuitjustdescribed, with the exception thatthe polarized magnet P M 4 isarranged to actuate only when current is flowing from the generator D 1therethrough, while the magnet P 3 is flowing from the generator D 2.

m virtue of thearmature levers L 3 and L 4 respectively. The portion ofthe receiving circuit I have just described is known as the selectorcircuit. This is one of the two principal parts of the receivingcircuit.

The other principal part is known as the type circuitand'consistschiefly in an electromagnet E M 5. An electro nagnet P M 5having a substantially horseshoe core 'with a polarized armature 24which is permitted to oscillate between the opposite poles 25 and 26 ofthe magnet P M 5, and solenoid E M 6 is used for the purpose. ofoperating a switch plunger and a ground connection E 6. An escapementwheel S 7 is driven by 25 means of a motor M 2 through a friction clutchC 3. hIovement of the escapement wheelv occurs only by an actuation of.the armature 24, and therefore by energization ofthe polarized magnet PM 5. I

The shaft '25 uponwhich an escapement wheel S 7 is mounted also carriesa bevel gear" 47 which is in mesh with a bevel gear 27 disposed upon ashaft 28 carrying a sprocket wheel 29, (see Fig. 6). An endless t pechain is arranged to pass over the sproc 'et wheel 29 and to be driventhereby. The chain 30 has type characters 31 set on the outer. wallthereof, representing the twenty-six letters ofthe alphabet andother-useful symbols. The operation of the type chain will be describedmore fully at a later-time.

The escapement wheel S 7 is normally locked by means of a lever.armature L 5 resting against a lug- 33 on the escapement associated withthe escapement wheel S 5 and the lever L 4 associated with the lever S6. The magnet E M 5 when energized, moves the lever L 5 out ofengagement with, the. lug 33 and permits the actuation of the wheelwhich includes the dynamo D 1, and will have current flowingtherethrough only when the switch W 1 is closed, and the two brushesforming a part of the circuit are on the same segment of the commutatorA 2.

The circuit referred to as No. 4, and including the dynamo D 2 will havecurrent flowing therethrough only when the switch W 1 is closed and thetwo brushes forming-a part of the circuit are on the same segment of thecommutator A 2. However, under norwheel S 7 similar to the leverarmature L 3 mal conditions the escapement S 2 is locked by the leverarmature L and this stops rotation of the commutator A 2 so that none ofthe brushes associated therewith and forming a part of the circuits 3and 4 are on its segments. The rate of rotation of the conimutator A 2is regulated the same as that of A 1.

The next step in the operation of my improved device for indicatingmarket quota.- tions is that of pressing one of the selector keys, letus say the selector key labeled U. S. Steel. Counting from the left, thefirst vertical row of keys are all connected through the same circuitNo. 8, with the first segment of F counting from the locked position ofbrush 43. The second row of keys is in circuit with thesecond segment ofF the third row with the third segment, etc.

Counting from the top, the first horizontal row of keys are allconnected through the same circuit No. 7 with the first segment of Fcounting from the locked position of brush 40. The second row of keys isin circuit with the secondsegment, the third wit-h the third segment,etc.

It will be obvious that the keyboard could be changed so there would beone key for each segment of F and one for each segment of F but in thiscase two keys would have to be depressed, one to control F and one tocontrol F instead of one as in the case shown. For the purpose ofillustration we will assume that the selector key-marked S K in Figure 1is that key. \Vhen any key on the selector. keyboard, of which there arejust as manyas there are strips on the display boardhereinafter'described, is pressed, it is locked against further movementby means of a notched portion 35 therein which engages with the slidingspring pressed lock plate 36. When the lock plate 36 is moved to theleft as shown in Fig. 1, the key may be released. Pressing any of thekeys on the selector keyboard of which S K is one, current is permittedto flow through the four different circuits as follows:

Circuit No. 5.generator D 'selector key SKescapement wheel; S armature Lmagnet EM,-generator D Circuit No. 6-generator D -selecto 1; 1keySKescapement wheel S armature' L -:.r. magnet EM generator D r- CircuitNo. 7--generat0r D selector SKstationary commutator F escapement wheel Spolarized magnet PM magnet EM generator D key Circuit No. 8-generator D'selector key SKstationary commutator F -.escape- .ment wheel Spolarized magnet PM magnet EM 10generator D PM7andEM-8,PM6,EM7,EM9, andE M10 are solenoid 'magnets P M 6 and P M 7 are polarized electromagnetsand operate only when current is fiowing in one direcblade is mounted:

tion therethrough. These'solenoids are employed for the purpose oflifting plungers associated therewit upon which a switch Circuit No.5carries current from the getorator D 3, which flows onl whenS 3 islocked by -L 1', and an S K I ey is pressed.

-' This current causes electromagnet E M 7 through its associate leverarmature 36 to stop rotation of the escapement wheel S1 at such a pointthat the commutator A 1 which is carried" by the'same shaft as theescape- I ment wheel, is in a position to allow current to flow from thegenerator. D 2 through the circuit No. 2, heretofore described. Currentflows through the circuit No. 2 until electromagnet E M 1 pulls'thelever armature L 1 v and unlocks the escapement wheel S 3. This T atsucha point that the commutator A 1 is in a" position to allow current fromthe generator D '1 .to flow through circuit No. 1. Current flows throughthe circuit No. 1 until the electromagnet E M 2 pulls the leverarmatureL 2 and unlocks the escapement wheel S 4..

This breaks. circuit No. 6 at L 2 and thus.releases S 1] When the'electromagnet E M2 pulls the lever armature L 2, the electromagnet'E M1 should pull lever armature L 1 and unlock the escapement wheel S 3.

This double provision for. unlockin the escapement wheels S 3 and-S 4 is-ma e because frequentl one will be locked when the other is not, ancurrent cannot flow through one look to unlock the other, which islocked.

The flow of current that must pass through circuits Nos. 1 and 2 tounlock the escapement wheels S 3and S 4 passes on to the selectorcircuit heretofore described of the receiving instruments. This currentunlocks the escapement wheel S 5 by 0 ration of the electromagnets E M 3and 3 and unlocks the .escapement wheel S 6 through the electromagnet EM 4 and the lever armature L 4.

this manner the escapement wheels S 3 and S 5 are unlocked so that theycan rotate in unison with each impulse ormomentary flow of current fromthe generator D 2. The

.escapement wheels S 4 and S 6 are unlocked so that they may rotate inunison with each impulse or momentary flow of current from the generatorD1.

Circuit No. 7 carries current from the gen- 4; m 1) 3 which flows onlywhen one offthe be noted that in'Figure 3 'I p S K keys is pressed, anda brush 40 in this circuit carried by the escapement wheel S 3 is on oneof the segments 42 of a stationary commutatorF 2, which segment isconnected I with the keys K whichis pressed. There is one segment foreach horizontal row of S K keys. Let us assume that the U. S. Steel keyS. K is in the ninth, horizontal row from the top. In the presentinstallation, we will assume that each horizontal row of the keys isconnected with a segment of the commutator'F 2, there being twentysegments and twenty rows.

When the escapement wheel S 3 rotates from a locked position to theninth segment of the stationary commutator F 2, current will flowthrough the circuit No. 7 This current will cause the polarized magnet PM 6 to open the switch W 3 and also cause the ,electromagnet E M 9 toclose a switch W 4.

The switch W 4 is normally open. Upon opening the switch W 3, circuit1%. 2 is broken and thus stops the momentary pulsating flow ofcurrentfrom the generator D 2 in th1s circuit. This stops rotation ofthe escapement wheels S 3 and S 5 upon the ninth segment of thestationary commutator F 2, and of the stationary commutator F 4, similarin construction to thecommutator F 3 of the receiving instrument.

Circuit No. 8 carries current from thegenerator D 3 only when an S K keyis pressed, and the brush 43 forming a part of that circuit is upon thesegment of-a stationary com- 'mutator F 3, similar to the, commutator F2, which is connected with the key S K that is depressed. The key for U.S. Steelwhich we shall assume is pressed, and which is shown in Figure1, is in the fifth vertical row fromthe left side. Each vertical row ofkeys is connected with a segment of the stationary commutator F 3, therebeing twenty segments and twenty vertical rows. When the escapementwheel S 4 rotates from a locked position to the fifth segment of thestationary commutator F 3, current may flow throug circuit No. 8. Thiscurrent causes. the polarized magnetP M7 toopen the switch W 2 and alsocauses the electromagnet E M 10 to close a switch W 5 similar to theswitch W 4. The switch W 5 is normally open.

Openin of the switch W 2 breaks circuitv No. 1 an thus stop thepulsating current from the generator 1 in the circuit. This stops theescapement wheels S 4 and S 6 respectively upon the fifth segment oftheir associate stationary commutators F 3 and F 5,

(see Figure 2). F 5 is a commutator similar .in construction to thecommutator F 4.

The selector parts of the sending'instrument and the receivinginstrument are now in a position for printing U. S..Steel,-com'mon.

Referri to the receivin'g'instrument, it shown upon the tape for duringthe remaining 60 during rotation of the bands. Current for the motorcircuit is "provided in a generator D 4. This circuit consists in anelectromotor M 2 and three bands B 1, B 2, and B 3 in parallel, so thatrotation of any one of the bands B 1, B 2, or

B 3 to contact with their associated brushes 45, will close the circuitand cause rotation of the motor M 2.

, The bands B 1, B 2, and'B 3 are so mounted with respect to theirassociated escapement wheels S 5, S 6, and S 7, as to lie with theinsulation thereof in engagement with their associate brushes when theescapement wheels are locked by their lever armatures L 3, L 4, and L 5respectively. When either S or S is unlocked, as explained above, andstarts rotating, current flows from D through E, or B and rotates themotor M The friction clutch C 3 is disposed between the motor M 2 andthe escapement wheel S 7, which is mounted upon the shaft 47. TheclutchC permits the motor M to rotatewithout turning the shaft 25. Theescapement wheel S is usually locked and thus prevents rotation of thetape through the gears 26 and 47 (see Figure 6) until it is unlocked, asexplained later. When both S and S have returned to locked positions,current for M cannot flow through B or B It will be observed that B isplaced upon the shaft 25 with its insulation opposite the lockedposition of S so current can flow through it until S returns to itslocked position.

The next step in the operation of my improved device for indicatingmarket quotations is that of pressing one of the t pe keys on the typekeyboard, three of which are shown and labeled T K in Figure 1. When anykey on a type keyboard is pressed, it is locked and remains presseduntil afterthe printing mechanism hereinafter described is operated, byany well known locking device.

Pressing any-key onthe type keyboard allows current to flow through twocircuits as follows:

Circuit No. 9ground E generator D switch W --type key TK-escapementwheel S,armature Lmagnet EM -main line polarized magnet PM,;switch Wswitch W4-generator D,---

Circuit No. 9 carries current from the generator D 2 which flows onlywhen a T K key is pressed, the switch TV 1 is closed, and

the escapement wheel S 2 locked by its lever armature L. This currentcauses an'electromagnet E M11 to pullthe lever armature L and thusunlock the escapement wheel S 2. This stops the flow of current incircuit No. 9. The flow of current in circuit No. 9 is transmittedthrough the type line or line 2 to the type circuit of the receivinginstruments, where it causes the electromagnet E M 5 to pull the leverarmature L 5 and thus unlock the escapement wheel S 7. p

The electromagnet E M 6 cannot close the switch TV 6 because of theradially extending stop member 50, carried by the shaft 47. whichengages with a depending hook-shaped member 51 associated with the'switch blade W .6. In this way the escapement wheels S 2 and S 7 areunlocked and start rotating in unison, current flowing in circuit No. 3,and circuit No. 4 alternately by virtue of the rotation of thecommutator A1.

Circuit No. 10 carries current from the dynamo D 3 which flows only whenan S .K key and a T K key are pressed, and F1 has rotated so that theconductor from the pressed S K key is connected through F 1 withaconductor to the pressed T K key, and switches W 4 and W 5 are closed.

\Vith reference to Figure 4, it will be noted that the U. S. Steel tapeis at the top of the board and that tapes for various other stocks aredisposed in horizontal rows across the board. The U. S. Steel tape isindicated at 52 6f the board 53.

, lVhen the escapement wheel S 7 is locked,

are twenty-six characters and spaces upon the j type chain 30 so thatif- S 7 rotates twenty-two notches, i. e., so as to cause the type chain30 to move twenty-two characters, the character 5 will be opposite U. S.Steel, and current can also flow throu h circuit 10.

If it were desiredtoprint 5 upon the AmericanCan tape, which is belowthe U. S. Steel tape, the escapement wheel 7 would have to rotatetwenty-three notches. All tapes in the, same relative positions to thecharacters upon the type chain 30, as U. S. Steel is to the type chain,are in osition 1, and their S K keys are connecte same brush on F 1.

The American Can tape is in the second position and its S K'key isconnected to the second brush on F 1. The flow of current in the circuit10 causes the polarized magnet P M 8 to pull its armature and stop theescapement wheel S 2. The escapement wheel S 2 stops so that thecommutator A 2 allows a longer flow of current over the circuits 3 withthe wheel S 6-stationary commutator F polarized magnet P ISL-stationarycommutator F,escapement wheel S 5battery B T-.

Current in the local circuit flows only when the switch W 6 is closedand the brushes 54 and 55 of the escapementwheels S 5 and S 6respectively are upon the conductor segments of their stationaryconductors F 4 and F 5 respectively. The flow of current in the localcircuit causes the polarized magnet P M 9 for U. S. Steel to attract itsarmature upon which a platen 61 is mounted to print 5 upon the U. S.Steel tape 52.

When]? M 9 releases its armature 60, the spring 62 rotates the roller S8 one space, so that the tape is ready for the next character to beprinted.

There is a polarized magnet PM for each tape upon the board. Thesemagnets are all connected in parallel in the local circuit between F andF They 'are connected in such a way that between any one segment of F 5and any one'segment of F there is only one magnet PM Thus thecombinationin the local circuit of any particular segment of F and any particularsegment of F, determines the tape to be printed upon.

Circuit No. 10 causes E M 12 to attract its v armature 64, thus.releasing T K key 5 This shows to the ,transmittiplg operator that 5has been printed upon the S. Steel tape.

When the operator presses T- K keys l 0 6 7' space, one after the otheris released. These characters are printed upon the tape in the samemanner that the character 5 is printed.

If no further k y's are pressed, the escapement wheels S 2 nd 7 rotateto locked position.

The next operation is that of ressing the release strap 36 of theselector eyboard.

The release strap releases U. S. Steel keyv S K which breaks circuits 5,6, 7, 8, and 10.

Breakin circuits 1 and 8 allows switches W3an W2toclos@,andW4a'ndW5toopen. Closing switches W 3 and W 2 allows current to flow throughcircuits 1 and 2. This permits the whole system to go back to itsnormalosition. The operator next gpens .switch 1 and then stops themotor I claim:

1. In a device for indicating market quotations, a transmitting station,a remote receiving station, a selector keyboard at said transmittingstation, a plurality of tapes at said receiving station, a selectormechanism comprising-selector elements at the transmitting and at thereceiving station, means for actuating said selector elements to operatein synchronism, said last-named means being actuated by the depressionof a key on the selector keyboard, whereby one of the tapes at thereceiving station is selected, a printing mechanism at the receivingstation for printing a selected tape, and a type-selecting keyboardatsaid transmitting station for selecting the type and for actuating theprinting mechanism.

2. In a device for indicating market quotations, a transmitting station,a remote receiving station, a selector keyboard at saidtransmittingstation, a-plurality of tapes at said receivingstation, aselector mechanism comprising normallylocked selector elements at thetransmitting and at the receiving station, means for unlocking andadvancing said selector elements to operate in synchronism, saidlast-named means being actuated by the depression of a key on theselector keyboard,

whereby one of the ta es at the receiving station is selected, aprinting mechanism at the receiving station for printing a selectedtape, and a typee'selecting keyboard at said transmitting station forselecting the .type and for actuating the printing mechanism.

3. In a device for indicating market quota- "tions, a transmittingstation, a gemote receiving station, a selector'keyboard at saidtransmitting station, a plurality of tapes at said receiving station, aselector mechanism comprising normally locked selector elements at thetransmitting and at the receiving station, means for unlocking,advancing and stopping said selector elements to operate. insynchronism, said last-named means being actuated by the depression ofakey on the selector keyboard, whereby one of the tapes at the receivingstation is selected, a printing mechanism at the receiving station forprinting a selected tape, and a type-selecting keyboard at saidtransmitting 'stati on -for selecting the type and for actuating therintin mechanism.

. RY FUBRER.

